Pycoin

Pycoin uses Simplicity, a new typed, combinator-based, functional language without loops and recursion, designed to be used for crypto-currencies and blockchain applications as its target language and Python, a highly popular and versatile high-level programming language as its source. Simplicity was released recently by Blockstream, an influential decentralized application development company. Owing to its Turing Incompleteness, Simplicity is a menable to static analysis that can be used to derive upper bounds on the computational resources needed, prior to execution. While Turing incomplete, Simplicity can express any finitary function, which we believe is enough to build useful “smart contracts” for blockchain and blockchainfree decentralized applications (DApps).Instead of bulky blocks used as transaction containers in existing blockchain designs, the DAG builds a graph of transactions which reference older transactions and thus can confirm transactions immediately when they are received by a node instead of having to wait for the next block. This means that every node consists of multiple layers of transactions. When a transaction is registered in a node, it first has to verify two other transactions before his transaction will be verified. Those two transactions are chosen according to an algorithm. The node has to check if the two transactions are not conflicting. For a node to issue a valid transaction, it must solve a cryptographic puzzle similar to those in the Bitcoin network (Proof of Work) known as Proof of
Stake(PoS).In the report basically we are talking about Pycoin . Starting from the basic definitions of smart contracts and how they can be used in a decentralized network, to what are the other platforms to create smart contracts like Ethereum. Then we talked about the basic component to write smart contracts which is a language and the basic propert y of the language which is Turing completeness. While Ethereum uses Turing completeness language to create its smart contracts Pycoin uses Turing incompleteness language to create its smart contracts. Then we moved to the properties possessed by the smart contracts, and securities involved in smart contracts and its management. In the next section we are talking about why we need another decentralized platform for smart contracts if we have a Turing complete language based Ethereum. Then it moves to forkability and how can we avoid it by implementing an Algorand-like real-time unforkable blockchain DexOs. Next section is about running Pycoin-based secure smart contracts on DAG-based blockchain-free networks. There are also the uses cases of Pycoin in real life. The next topic in our report is Pycoin, its data structure and the protocol. Then what are the features Pycoin offers and what are the other requirements which make the Pycoin a complete DApp Platform for powering other DApps and smart contracts on both blockchainfree network XRB/Raiblocks capable of performing 7000 transactions per second and a realtime unforkable blockchains DexOs capable of processing millions of transactions per second. Smart contracts [1] help you exchange money, property, shares, or anything of value in a transparent, conflict-free way while avoiding the services of a middleman. Basically it is a computer program that directly controls the transfer of values between the network without needing to trust each other or any central authority. The best way to describe smart contracts is to compare the technology to a vending machine. Ordinarily, you would go to a lawyer or a notary, pay them, and wait while you get the document. With smart contracts, you simply drop a Bitcoin into the vending machine (i.e. ledger), and your escrow, driver’s license, or whatever drops into your account. More so, smart contracts not only define the rules and penalties around an agreement in the same way that a traditional contract does, but also automatically enforce those obligations. Smart contracts, meanwhile, work hand-in-hand with block chain technology and have the potential to automate and also disrupt processes in many industries. Whereas a traditional legal contract defines the rules around an agreement between multiple people or parties, smart contracts go a step further and actually enforce those rules by controlling the transfer of currency or assets under specific conditions. In a smart contract approach, an asset or currency is transferred into a program and the program runs this code and at some point it automatically validates a condition and it automatically determines whether the asset should go to one person or back to the other person, or whether it should be immediately refunded to the person who sent it. A smart contract not only defines the rules and penalties around an agreement in the same way that a traditional contract does, but it can also automatically enforce those obligations. Smart contracts guarantee a very, very specific set of outcomes. There's never any confusion and there’s never any need for litigation. It’s simply a very limited, computer-guaranteed set of outcomes. Autonomy implies that after a smart contact launches, the deal initiator does not have to participate any more in the process. Smart contracts are not focused on one central server but are distributed by various network points so they can be referred to as being decentralized.
Auto-sufficiency supposes that contracts are able to collect money, realize transactions, distribute resources, issue and spend funds to allow a larger capacity of storage and computation power. Safety of the data is maintained, since the data in the decentralized registry cannot be lost or modified by the use of cryptography. Precision means that no mistakes can be made due to the absence of hand filled forms.
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Whitepaper- http://www.pycoin.io/static/whitepaper.pdf
Website- http://www.pycoin.io/
Twitter- https://twitter.com/PycoinOfficial
Telegram- https://t.me/joinchat/FxdrGhIDns5xms3LVtHbWA

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Bitcointalk account link- https://bitcointalk.org/index.php?action=profile;u=1503142
Eth adress- 0xD6B5157c07040292AD7a8fD5DF0648F9d8A86DD1